Smotrich Overrides Gas Price Hike

By Hamodia Staff

YERUSHALAYIM — Minister of Finance Bezalel Smotrich said on Tuesday that he intends to nullify a price hike at gas stations by reducing the excise tax, Globes reported.

On Wednesday, the maximum price of price-controlled 95 octane gasoline at self-service pumps is slated to rise by NIS 0.33 per liter to NIS 7.17 per liter. Smotrich’s order to cut the tax, to be signed the same day, will put the price back to its current level of NIS 6.84 per liter.

Smotrich said that his directive will come into effect within 48 hours.

Two weeks ago, Smotrich signed a previous order to reduce the excise tax on gasoline NIS 0.10, which had the equivalent effect, of cancelling the price increase set for the beginning of January.

Smotrich also predicted on Tuesday that the ongoing housing crisis will soon begin to ease.

Speaking at a conference of the Association of Mortgage Advisors in Eilat, he promised:

“Very soon apartment prices in the state of Israel will begin to fall and more people in Israel will be able to buy an apartment. Our challenge in the coming years is to maintain the pace of construction starts despite the drop in prices, the rise in interest rates and the drop in demand,” said Smotrich.

He attributed the positive development to addressing credit difficulties, simplifying and shortening the processes for planning and getting a license and maintaining economic viability in the periphery, according to The Jerusalem Post.

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